Dodecanedioic acid, also known as DDDA, is an organic
compound that is widely used as a monomer for the production of nylon 12, nylon
12/12, and copolyamides. It is known for its high strength, elasticity and
transparency properties. The global dodecanedioic acid market size was valued
at US$ 640 Mn in 2023. The growing demand for engineering plastics from the
automotive and electronics industries has propelled the demand for nylon, which
in turn has augmented the consumption of dodecanedioic acid significantly.
The global dodecanedioic acid market is estimated to be
valued at US$ 720.37 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The increasing adoption of nylon in the automotive industry has been a key
growth driver for the dodecanedioic acid market. Nylon finds wide application
in the manufacture of lightweight components, oil pans, and gears among other
parts owing to its high strength and elasticity. With the global automotive
production expected to grow at a CAGR of 3% during the forecast period, the
consumption of nylon and consequently dodecanedioic acid is likely to witness
significant gains. Furthermore, the rising demand for engineering plastics from
the electronics industry is augmenting the sales of nylon 12 which in turn is
propelling the growth of the dodecanedioic acid market. The production of
smartphones, tablets, and laptops involves the use of nylon 12 due to its high
heat resistance and durability.
Segment Analysis
The global dodecanedioic acid market is dominated by its applications in
lubricant production. Dodecanedioic acid is a key raw material for the
production of polyamide 12 (PA 12), a versatile engineering plastic with
lubricating properties. Over 60% of global dodecanedioic acid production is
utilized for manufacturing PA 12 through polycondensation. PA 12 finds wide use
as an additive in automotive and industrial lubricants to reduce friction. The
demand for high-performance and fuel-efficient vehicles has driven the
consumption of dodecanedioic acid in the lubricant industry.
Key Takeaways
The global
dodecanedioic acid market analysis is estimated to be valued at US$
720.37 Mn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast
period 2024 to 2031.
Regional analysis
The Asia Pacific region leads the global dodecanedioic acid market and
accounts for over 50% of the worldwide production. China dominates the regional
as well as the global market landscape due to presence of various dodecanedioic
acid producers. Numerous key market players have established manufacturing
facilities in China to leverage the low production costs and cater to the huge
demand from domestic industries. North America and Western Europe are other
major consumers driven by their vibrant automotive sectors.
Key players
Key players operating in the dodecanedioic acid are The Coconut Company
(UK) Ltd., Tirumala Food Industries, Enature Organic Products, Ayam Sarl,
Nestlé S.A., Renuka Foods PLC, S & P Industries Sdn Bhd, Shriram Coconut
Products Limited, Star Heritage Products, and Pulau Sambu Singapore Pte Ltd.
Get more insights on this topic: https://www.newswirestats.com/dodecanedioic-acid-market-industry-insights-trends-dodecanedioic-acid-market/
Comments
Post a Comment